Mayor Mike Duggan, City Council members and the Detroit Housing & Revitalization Department announced a new program this week that will provide Detroiters who do not currently own a home with up to $25,000 in down payment assistance.
The program is available to lower-income earners who may be able to afford a monthly mortgage payment buy don’t have enough savings for a down payment. For individuals to qualify, for example, they would have to earn less than $41,000 per year.
The program is part of a $203-million Affordable Housing Plan that Mayor Duggan and Councilmembers Latisha Johnson, Mary Waters, Angela Whitfield Calloway and Gabriela Santiago-Romero unveiled last July.
The program is expected to help between 240 and 400 lower-income and middle-class homebuyers in the next two years, depending on the amount each family needs in down payment assistance.
